According to a recent study published in The Telegraph, UK’s leading position in the European tech start-up industry could be threatened if Brexit makes it harder to attract foreign employees.
Research by a venture capital firm states that UK currently boasts almost a third of all tech start-up employees in Europe, ahead of France on 19pc and Germany on 18pc.
But tech companies, which have high levels of foreign workers, fear this position could be at risk as the fall in the pound makes UK salaries less competitive and the Government considers curbs on free movement of people.
Official figures suggest technology is one of the UK sectors most reliant on foreign workers, with more than a fifth of employees hailing from overseas. The study found that 42pc of new tech start-ups in the UK in 2015 had at least one foreign founder.
It is perceived that “the attractiveness of the UK to this highly mobile workforce could decline rapidly and that the high costs of hiring staff who need visas could become a significant issue, should policies towards skilled workers change significantly post-Brexit”.
With processing times for Tier 2 visas for the complete process taking up to 16 weeks (as compared to 3 weeks to bring talent in from within EU) companies are worried about their ability to remain competitive and to respond to market changes to grow quickly.
At SmartMove2UK our UK Immigration solicitors work with Entrepreneurs and Entrepreneurial teams to advise them on the feasibility of applying for a Tier 1 Entrepreneur visa to the UK. You can contact us if you are seeking legal help from UK visa consultants in relation to UK Tier 1 Entrepreneur visa. We also advise companies who would like to set up a UK subsidiary or have a wholly owned branch in the UK. You can speak to our UK Migrant Worker License Consultant in Mumbai | India on +91 22 2850 9857 or +91 98191 27002 and book your appointment for a Consultation to know about the specific requirements to sponsor a worker in the UK.
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